EURUSD (1.1868): The EURUSD was seen asrather volatile on Friday, as price action closed nearly flat and gapped lower at today’s open. The consolidation seen just below the 1.1954 level of resistance signals a potential change of sentiment in the short term. Unless EURUSD manages to close convincingly above 1.1954 we expect the bias to shift to the downside with the major support at 1.1704 in focus. In the short term, EURUSD will need to breach the initial hurdle. Strong intraday support is seen near 1.1843 – 1.1822. A break down below this level will however signal the declines to 1.1704. To the upside, the resistance level near 1.1920 will be critical for price action. However, watch the lower high that was formed last week which could signal a move to the downside.
